Singapore, a global “hub” of innovation
Considered as one of the four asian tigers at dawn of XXI century, with Hong Kong, South Korea and Taiwan, more than 20 years later we can still hear Singapore roaring when talking about adoption and use of cryptocurrencies. 8.000 miles and 6 hours of time zone away from us, Singapore has a say in the matter in application of new technologies and demolition of socio-cultural and economic barriers. Since Singapore became independent, separating from Malaysia in 1965, the economy of the asian city-state has continued growing until today, when the contemporary Singapore places as 5th worldwide in the ranking, drafted by the International Monetary Fund (IMF) that estimates national GDP per capita of 2023, passing over Qatar and United States of America and positioning itself behind Luxembourg, Ireland, Norway and Switzerland. And as for the adoption and use of cryptocurrencies, the story remains the same: while global cryptocurrency ownership rates average around 4.2% in 2022, Singapore shows significantly higher adoption rates, equal to 11.05%, as reported by a survey by Cointelegraph, one of the most important online portal for news about the cryptocurrency industry. This is largely attributed to the technological proficiency of the populations and the pro-cryptocurrency stance adopted by both Southeast Asian countries. Not even the half of it! The leadership is also confirmed when it came to adopting a fair (and balanced) regulatory and legal framework for the cryptocurrency sector. Already adopted in 2020, the Payment Services Act (PSA) is the overarching regulatory framework for traditional and cryptocurrency exchanges. This act brought together all payment-related services under a single legislation and detailed licensing and anti-money laundering compliance requirements for cryptocurrency industry players. Under the PSA, digital currencies are referred to as Digital Payment Tokens (DPT), with Bitcoin (BTC) and Ether (ETH) recognized as cryptocurrencies by the MAS, national financial regulatory body. This makes cryptocurrencies approved legal assets in Singapore, allowing them to be treated similarly to other asset classes. The act also requires any person or business performing DPT-related services to obtain a Standard or Principal Payment Institution License, which is required by a Singapore-registered company. The MAS also brought DPT’s public offerings or issuances under the Securities and Futures Act (SFA) in May 2020, believing that approved tokens are treated as real financial products. own. In a territory of only 733 km², with a surface area almost equal to that of New York, an incredible power of innovation is concentrated, where the authorities and companies in the sector have wanted to focus on cryptocurrencies and regulate their use for a correct (and secure ) use by all. The first partner chosen by Linework for the listing of the Linework Coin (LWC) on the international markets was Bitmart, Centralized Exchange (CEX) with license to operate obtained in Singapore. A strategic choice to open up to a constantly evolving and expanding market, which looks to the future without fear and with a great desire to grab it. As for Linework, the awareness of a different, new, innovative future without geographical and socio-political boundaries passes through the use and development of new tools that can give voice (and economic strength) to the other side of the world, all ‘another 80% who have the right to be able to build a secure future and have control over their assets, as well as complete freedom of expression, without censorship and without social stigmas.
Nigeria: an unexpected journey
Alongside the development of the App from the inside, Linework has developed several activities among local communities around the world. Both in Nigeria and El Salvador, Linework App has spreaded, accompanied by non-profit initiatives, such as free food distribution and providing discounts on medicines. In the previous article dedicated to Nigeria, the most densely populated nation in Africa, carrying great fervor tied to cryptocurrencies and Blockchain technology in general, we have analysed the reasons that have led to the creation of such a user base and the actions undertaken by Linework in Benin City.In March 2023, Linework started its journey to share free food and awareness about economic freedom and the possibities offered by Linework Ecosystem in the major places around the Ugbowo-Isihor axis of Benin City (Nigeria). Offering food to local communities and building people’s awareness about the control on their lives has been a great important milestone, especially in a very difficult political and sanitary moment such as today’s socio-economic situation. After a two-days rally that took place around Benin City, Linework has also visited several faculties of the University of Benin (Nigeria) where hundreds of students were enlightened and onboarded into Linework Ecosystem. The students have been presented with a gift pack of food and the endless possibilities of the Blockchain and Linework technology within the App.
Nigeria leads the growth of cryptocurrencies in Africa
Africa\’s most densely populated nation ranks 6th globally in terms of the use of digital currencies. Among the reasons we find the depreciation of the national currency and the increase in inflation.
NFT Market bursts in Europe
NFT is the acronym of Non-Fungible Token, something unique that cannot be replaced by anything else.
Interest in crypto sector grows in Italy
n Italy, around 1.4 million people (over 2% of the population) hold cryptocurrencies. The adoption index sees an important improvement (from 79th place to 51st place) even though the differences in usage between men and women are not so evident (57% vs. 43%).
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Linework goes to Nigeria
Live from Benin City (Nigeria). Linework has arrived in the beating heart of Nigeria in March 25th-26th. During the first day, Linework organized a rally in the major places around Ugbowo – Isihor axis of Benin City, breathing the true spirit of the country and meeting a part of our community. Linework has offered food in Benin City and built people’s awareness about the control on their lives thanks to Linework and its whole Ecosystem in a very difficult political and sanitary moment. Benin City – day 2. After the great success of the first day of the rally, Linework has reached Benin – Sapele Road, a very populated area in the city, where all the residents had the possibility to get inside its Ecosystem and the possibilities offered by Blockchain technology, as a tool that will bring more innovation, and equality of opportunity in the world by creating an open financial system. This has been the first stage of a bigger non-profit project, dedicated to the free distribution of food to families in need and to the spread of Linework Ecosystem, starting with Nigeria, following in Italy and soon all around the world. We believe that economic freedom will significantly improve lives worldwide and we have decided to start right there where it is needed.
Cryptocurrencies are growing in India
The growing popularity of digital payments combined with the push by the government toward a cashless economy is driving the growth of cryptocurrencies in India
European crypto startups raised a record $5.7 billion in Venture Capital funding
The crypto winter hit hardly the markets and now the prices in the sector are recovering after metabolising the FTX scandal. But the climatic arrival of spring seems to be matched by price growth with Bitcoin rising by 20% in March, suggesting that the worst is behind us. But the previous year’s negative results have resulted in a slowdown in venture capital investment in the sector, although analysing data from a report by RockawayX, a venture capital firm focused on blockchain, and DealRoom, a startup data provider, shows that record levels of investment were reached in Europe in the year that Bitcoin lost 62%. European startups raised a record $5.7 billion in Venture Capital funding, surpassing the $5 billion in 2021. Among the reasons for this strong European performance was probably an increasingly hostile US regulatory environment, which could move the focus elsewhere. Investments have mainly focused on infrastructure, including developer tooling, blockchain scalability products and layer 1 blockchains. The start of 2023, however, shows a major contraction with cryptocurrency investments in January down 91% year-on-year. But it was only November when FTX closed its doors.
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